Brazilian ambassador to Tehran reported that the Development Bank of Brazil is about to allocate 1.2 billion dollars for Brazilian trade activists to expand trade and investment cooperation in Iran.

According to IBENA, at a meeting with the presence of Iran-Brazil joint chamber of commerce's members, Rodrigo de Azeredo Santos touched upon Brazilian government's interest for continuing economic and trade cooperation with Iran even in sanctions era in November, adding we have found some approaches during our negotiations with Iranian side in regard to it and they will be applied.

He went on to say that dedicaing 1.2 billion dollars for Brazilian trade activists to have cooperation with Iranian side is in final stages, mentioning that it will be allotted by the Development Bank of Brazil.

The ambassador elaborated that since the credit is just allocated for non-agricultural services and goods, there is need to employ other banks' capacities in agriculture sphere.

"Job creation and technology transfer to Iran in an effort to establishing long-lasting relations with Iran is Brazilian government's objective", the official said, stressing that the Central Bank of Brazil see no barrier for Iranian banks presence in Brazil and it believes the move contributes to two nations' financial cooperation continuance.

It is worth mentioning that IBENA is an only specialized news agency in banking and economy area, which is affiliated with the Central Bank of Iran.